Shares of WUXI BIO (02269) soared 7.65% today, buoyed by optimism over the prospects of China's property market as residential presales data showed signs of recovery.

Hong Kong stocks edged higher, recouping some losses from earlier this week. The Hang Seng Index rose 1%, paring its weekly decline to 0.4%. WUXI BIO led the gains among healthcare stocks, rising 7.4% on expectations that the Chinese government's supportive measures will continue to revive the sluggish property sector.

Data from financial provider Wind showed that residential presales for 30 key cities in China rose 22% last week compared to the previous seven-day period. Sales in first-tier cities surged 27%, leading the nationwide increase. This strong rebound in property sales is seen as an encouraging sign for the economy, following a 58% week-on-week jump in the previous week.

Analysts attributed the recovery in homebuyer confidence and property sales to the slew of strong new measures announced by Chinese policymakers since late September to prop up the property market. Raymond Cheng, managing director at CGS International Securities, expects industry sales to register year-on-year growth in the fourth quarter of 2024 and possibly the first positive growth for the full year 2025 since 2022.